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  Venezuela's PDVSA inks oil deal with firm part-owned by Florida Republican
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Author Topic: Venezuela's PDVSA inks oil deal with firm part-owned by Florida Republican  (Read 168 times)
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« on: January 07, 2019, 02:13:50 pm »

Erepla Services LLC, part-owned by Republican Harry Sargeant III and which Delaware state records show was only registered two months ago, said it plans to invest up to $500 million to increase production at three Venezuelan oil fields in exchange for a portion of the crude produced.

The arrangement faces significant hurdles including obtaining an exemption from Trump administration sanctions that block U.S. companies from providing financing to the government of President Nicolas Maduro or Venezuelan state firms.

It is a further sign that Venezuela is tapping inexperienced firms to stem massive declines in crude output as more established oil companies steer clear of the troubled country due to concerns about U.S. sanctions and overall dysfunction.
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